ACC395 Risk Based Audit and Assurance (8)

This subject explores the practice and theory of auditing and forensic investigation adopting a risk-based approach to auditing and assurance services.   The expanding role of auditing to financial and nonfinancial reporting will provide opportunity to appreciate the changing role of the auditor and societies expectation of ethics and good governance in the role of auditing. The concept of risk management is emphasised as it permeates all functions of management, audit and corporate governance.

No offerings have been identified for this subject in 2020.

Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject Information

Grading System

HD/FL

Duration

One session

School

School of Accounting and Finance

Enrolment Restrictions

Not available to students who have completed ACC331.

Prerequisites

ACC293 and ACC294

Subject Relationships

ACC331 Overlapping content.

Incompatible Subjects

ACC331

Learning Outcomes

Upon successful completion of this subject, students should:
  • be able to explain and critically evaluate influences on audit and assurance services including: Australian and international professional standards, statutory and common laws, regulatory bodies, and public expectations within a global market;
  • be able to evaluate the expanding scope of assurance services and providers in today's international business environment;
  • be able to demonstrate risk management methodologies and the role of IT and internal controls in an audit context;
  • be able to design an audit plan and select and apply appropriate audit procedures for a financial statement audit; and
  • be able to exercise critical and reflective judgement and appreciate the value of ethical practice.

Syllabus

This subject will cover the following topics:
  • The audit function - an overview
  • Governace, ethics, legal environment and the role of the forensic accountant
  • Elements of the financial report audit and the audit team
  • Business risk
  • Audit planning and the audit team
  • Internal control and the internal audit
  • Audit testing, sampling and computer assisted auditing tools
  • Completing the audit
  • Reporting obligations
  • Expanding role for auditors
  • CSR audits

The information contained in the CSU Handbook was accurate at the date of publication: October 2020. The University reserves the right to vary the information at any time without notice.

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